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SCHOLASTIC CORPORATION ANNOUNCES FILING FOR INITIAL PUBLIC OFFERING

SCHOLASTIC CORPORATION ANNOUNCES FILING FOR INITIAL PUBLIC OFFERING
 NEW YORK, Jan. 10 /PRNewswire/ -- Scholastic Corporation announced today that it has filed a registration statement with the Securities and Exchange Commission for a proposed initial public offering of 4,300,000 shares of its common stock, of which 3,250,000 shares will be sold by the company and 1,050,000 shares will be sold by certain selling stockholders.
 The offering will be made concurrently in the United States and internationally -- 3,400,000 shares in the United States and 900,000 shares internationally. The United States offering is to be co-managed by Goldman, Sachs & Co. and Alex. Brown & Sons Incorporated, and the international offering is to be co-managed by Goldman, Sachs International Limited and Alex. Brown & Sons Incorporated. The initial public offering price is anticipated to be between $18 and $21 per share.
 The company has applied to have its common stock included in the NASDAQ National Market System under the proposed symbol "SCHL." The company intends to use the net proceeds from the offering to redeem the company's 13 percent subordinated debentures due 2002 and its 12-1/2 percent junior subordinated debentures due 1997. The voting power of the company's capital stock is vested in its Class A stock, subject to the right of the holders of common stock to elect one-fifth of the board of directors.
 Scholastic, headquartered in New York, is a leading publisher and distributor of children's books, classroom and professional magazines, instructional programs, multi-media, and other educational products. The company also publishes educational computer software and produces children's and family-oriented video and TV programming. Scholastic operates in the United States, Canada, Australia, the United Kingdom, and New Zealand.
 A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. The common stock may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell nor a solicitation of an offer to buy the common stock, which offer may only be made by means of the prospectus included in the registration statement, nor shall there be any sale of common stock in any state in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state.
 -0- 1/10/92
 /CONTACT: Cynthia Harrison of Scholastic, 212-505-3410/ CO: Scholastic Corporation ST: New York IN: PUB SU: OFR


KD -- NY015 -- 8554 01/10/92 10:26 EST
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Publication:PR Newswire
Date:Jan 10, 1992
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